For many area realtors, the 2007 summer sales season was dismal. Likewise, nationwide sales of existing homes were down to the lowest level seen in five years. Locally the number of condos and town homes on the market has almost doubled since January. What does this mean for you? This means now is a great time to be a home buyer and a terrible time to be a seller.
With over four hundred condos and town homes on the market in Lewes and Rehoboth you have a substantial selection to choose from with a large number of sellers willing to wheel-and-deal for your business. Developers are usually the first to realize that if they want to sell their product in a down market they will either have to significantly lower their prices or offer plenty of incentives. Single family home sellers are often less willing to make deals because of emotional attachment to their homes. For this reason some of the best deals at the moment are New Construction. Interest rates are still at historic lows. If you wait to see if home prices go even lower, your plan may be foiled if the interest rates suddenly increase. At best, a rate increase will be offset by the home price decline and you will break even. At worst, the rates may go up to a point that any decrease in home price will still mean you are paying more for the house than if you just made your purchase now. Even worse, home prices may have already hit bottom and the rates could soar. Remember when the interest rates were at 18% and higher? Who's to say it can't happen again?
The above article may or may not be correct. It's a lot like trying to guess what the stock market will do. I wrote it a week ago and threw it in the trash. If however you want to know about factual data such as how long a house has been on the market, which homes are for sale and which homes I think are currently a good deal I would be happy to share what I know. Take a look at one of my websites or give me a call.
Our taxes really are the third lowest in the country and living at the beach has the benefit's.
"The two most important requirements for major success are: first, being in the right place at the right time, and second, doing something about it."